Hydraulic workover units are critical in the oil and gas industry for well intervention and maintenance. Companies specializing in hydraulic workover units combine engineering excellence with innovative solutions to meet the complex demands of well servicing. These companies provide a range of hydraulic workover units tailored to different well conditions, ensuring efficient and cost-effective operations in the ever-evolving energy sector.
*Disclaimer: List of key companies in no particular order
Latest Company Updates:
October 2023- Boeing slashed its 737 MAX delivery forecast for the year to between 375 and 400 in its third-quarter earnings report on Wednesday. The company attributed the cut to rework and inspections to fix manufacturing problems in aft pressure bulkhead sections produced by beleaguered supplier Spirit AeroSystems. It maintained its 787-delivery forecast of 70 to 80 airplanes by year's end. Boeing recorded a loss of USD1.6bn in the third quarter, its worst quarterly performance this year. The company continues to struggle with supply chain and production problems. Boeing's defense division spilled the reddest ink on the ledger book due to problems with its Air Force One (VC-25B) program and losses on a satellite contract. BDS recorded a USD 924 million loss. Boeing executives acknowledged that the company's recovery is taking longer than they had expected, but they remained upbeat about stabilizing the aerospace giant in the next couple of years.
Despite lowering its 737 MAX delivery target for the year, Boeing will have to hustle to deliver 375 to 400 of the narrow-body airliners. It needs to move about 100 more, but the company only plans to deliver 15 of the planes this October. That leaves the bulk of deliveries in November and December. That will make for a busy holiday season on Boeing's flight lines and delivery center. The cut is more than what investors expected. As recently as September, though, Boeing CFO Brian West reiterated the company's previous projection of 400 to 450 deliveries of its cash cow jetliner. At the time, he cautioned that deliveries would likely be on the low end of the range. Ahead of the earnings report, most Wall Street analysts expected the company to deliver about 410 737s this year.
Top listed global companies in the industry are:
The Hydraulic Workover Unit Market Size was valued at USD 6512 million in 2022. The Hydraulic Workover Unit Market industry is projected to reach USD 12987 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.0% during the forecast period (2023 - 2032).
Increasing demand for hydraulic workover units for offshore oil & gas operations is expected to boost the growth of the global hydraulic workover unit market during the forecast period.
Shale natural gas resources are a part of shale formations. They contain significant accumulations of natural gas and oil. According to the EIA (Energy Information Administration) predictions, natural gas production will reach 554 BcF/d by 2040. The largest component of the market growth is natural gas production from shale resources. It will grow to 168 BcF/d by 2040. Participating regional countries like the US, Canada, China, and Argentina have commercial shale gas production. Moreover, other countries such as Mexico and Algeria will encourage the development schedules of shale resources with the help of technological funding for improvements.
Hydrocarbon’s mature fields are responsible for its past peak production. Mature oilfields have more than 70% of the world’s oil and gas production. The constant recovery of mature oil fields is increasing. 80% of these estimated reserves are found in countries like the Middle East, North America, Asia Pacific, and Latin America. Also, there has been an easy recovery from mature fields that involves extending the life of the well and improving production. For the same, various methods such as artificial lifts, intervention, and snubbing are used. Mature oil fields are a part of conventional, unconventional, or deepwater reservoirs. It depends on its permeability and the reservoir’s flow regime. Major oil & gas companies are shifting their attention toward technological advancements to cater to the decline in reserves with the help of inventing tools and techniques.
The Prominent Players operating in the Global Hydraulic Workover Unit Market are Halliburton (US), National Oilwell Varco (US), Archer (Norway), Cudd Energy Services (US), Precision Drilling Corporation (Canada), High Arctic Energy Services Inc. (Canada), Basic Energy Services (US), Superior Energy Services (US), Velesto Energy (Malaysia), Canadian Energy Equipment Manufacturing FZE (UAE), PT Elnusa Tbk (Indonesia), Uzma Berhad (Malaysia), and ZYT Petroleum Equipment Co., Ltd (China).
Global Hydraulic Workover Unit Market is segmented based on Capacity, Service, Installation, Application, and Region. By capacity, the global market has been segmented into up to 50 tonnes, 50 to 150 tonnes, and above 150 tonnes. By service, the global market has been segmented into workover and snubbing. By installation, the global market has been segmented into skid mount and trail mount. By application, the global market has been segmented into onshore and offshore.
Geographically, the hydraulic workover unit market has been segmented into five major regions: North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The hydraulic workover unit market in North America is estimated to account for the highest share, where per capita energy consumption, exploration and production of oil & gas, and advancements in upstream operations drive the growth of the regional market. According to the US Energy Information Administration (EIA), in 2018, approximately 6.44 million BPD of crude oil was produced from tight oil resources in the US. The increase in the extraction and production of oil and gas boosts the demand for hydraulic workover units for performing routine well maintenance for land, inland waters, and offshore installations. These developments lead to an increase in the demand for a cost-efficient method to repair, resulting in the installation of hydraulic workover units. Such factors are expected to drive the growth of the hydraulic workover unit market in North America.
A hydraulic workover unit is an ideal well intervention solution for well maintenance, well interventions, and re-entry operations. The hydraulic workover unit utilizes hydraulic cylinders to lift the tubular in or out of the well. The use of hydraulic cylinders allows complete control over tubular movements and eliminates the need for a large mast construction, which is present on conventional drilling rigs.
The report for the global hydraulic workover unit market of Market Research Future research covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
The factors driving the demand for hydraulic workover units are the technological advancements in oil & gas well production and the increasing offshore production after the decline in oil prices. Technological developments in oil & gas exploration methods, including seismographic and gravity surveys, have led to the growth of drilling activities in the past few years, as innovative technologies have enabled exploration and production companies to access numerous unconventional reserves. For instance, according to statistical data from the World Oil Report 2018, globally, the number of wells drilled in 2017 was 41,560, which grew from 37,454 in 2016. This growth in the number of wells drilled will result in increased demand for hydraulic workover units, which are used to carry out repairs in new and old oil wells.
Furthermore, the demand for hydraulic workover units in the offshore oil & gas industry is expected to grow steadily during the forecast period. The rising electricity demand, the focus on offshore exploration, and the production (E&P) of oil & gas are factors that fuel the use of hydraulic workover units for carrying out the repairs of offshore wells. Many oil and gas exploration companies are focusing on drilling and oil & gas production. The Oil and Natural Gas Corporation (India) approved the phase-three development of Mumbai High Field in 2014 to increase the production of natural gas to 5.253 BCM by 2030 to boost the domestic offshore production of oil & gas in the country. Hence, the increasing demand for hydraulic workover units for offshore oil & gas operations is expected to boost the growth of the global hydraulic workover unit market during the forecast period.
Hydraulic Workover Unit Market Highlights:
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)